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SQDC Profits Soared This Summer — Did We All Just Get Baked For 3 Months?

Quebec's weed retailer added more stores, more staff and increased sales by over $20 million.

SQDC Profits Soared This Summer — Did We All Just Get Baked For 3 Months?

Montrealers are still relishing the legalization of weed, according to the SQDC's report for the second quarter of 2021. It doesn't matter if you identify as francophone or anglophone — there is a clear love among many Quebecers for this style of joie de vivre.

According to a press release, the SQDC earned a net income of $19 million in the quarter ending September 11 — a $3.9 million increase from the same quarter last year. The SQDC credits these results to its main goal: running illegal weed dealers out of business. It says it has invested time and energy in making sure Quebecers who indulge in cannabis get the best product available.

The SQDC had a grand total of $142 million in sales, up $21.8 million from the previous quarter, with $67.4 million set to be transferred to the provincial and federal governments.

The reported results suggest the SQDC has done pretty well in gaining customer trust: the agency has grown from 45 to 77 stores in Quebec over the past year and crossed the 1,000-employee threshold.

The quantities are significant this quarter, too: the organization sold nearly 25,000 kilograms of cannabis in its stores and almost 1,300 kilograms online, with an average sales price of $6.32 per gram, including tax.

Despite their impressive sales, the SQDC's focus remains on protecting cannabis users' health and converting consumers to the legal market, not encouraging cannabis use. The government corporation tries its best to accommodate Quebecers' interest in cannabis, seeking to give them the best product while helping them reduce health risks.

In other words, the SQDC's angle is that it's using its business for good — hoping that people will take its resources and information to heart.